Here’s my translation

Alan

En sem berserkir kómu ok sjá flokkinn alvopnaðan hinum megin garðsins, segir Arnhöfði:
But as (or when) (the) berserks came and see the-body-of-men fully-armed on the other side of the-wall (cf öðrum megin, adv, Z), Arnhöfði says:

"Hræddir eru nú mýslingar, eða hví standið þit hér í hnappi, eyjamenn?
“(The) little-mice are now afraid, but why do you-two stand here in a huddle, islanders?

Vit bræðr, Arnhöfði ok Hildir, erum komnir at sækja þik heim, Kaupa-Rauðr.
We-two brothers, Arnhöfði and Hildir are (have) come to seek (visit) you at home, Trader-Rauðr.

Þú ert atfangamaðr mikill, ok muntu taka vel við gestum,"
You are a great provider (housekeeper), and you-will receive guests well.”

"Svo vildi ek við ykkr taka sem þit leitið mín," sagði Rauðr.
“I would-want to receive you thus when you-two seek me,” said Rauðr.

"Nú færðu þína vöru selda strax í dag," sagði Hildir.
“Now bring-you your goods handed-over immediately today,” said Hildir.

"Líkt vil ek úti láta ok þat inn er lagt," segir Rauðr.
“I want to give-up the-like (which is) outside and (but) that (which is) inside is (already) assigned,” says Rauðr. (Not sure about this nor what precisely Rauðr´s message is, ie ‘is it you can have some things but not all)

"Eigi skortir okkr bræðr," segir Arnhöfði. "Hefi ek þat sverð í hendi, er heitir Grásíða, en Hildir, bróðir minn, þat, sem heitir Svaf."
“We-two brothers are not in-want (impers. constr),” says Arnhöfði. “I have that sword in (my) hand which is called Grásíða (Grey-Side), but (and) Hildir, my brother, that, which is-called Svaf (‘Sleepmaker’?).’

Tóku þá bræðr að láta æsiliga ok grenjuðu. Þeir Hrani ok Einarr gengu þá fyrir garðsendann alla götu at þeim bræðrum.
Then (the) brothers started to behave violently and bellowed. They, Hrani and Einarr went then in-front-of (ie over) the-end-of-the-wall all (the) way to those brothers.

"Við mega menn skiptast, þó lægra láti," segir Hrani.
“Men (persons) are-able to make-an-exchange, even-if (one) values(láta, Z9) (them) lower,” says Hrani.

Arnhöfði snýr þá at honum, en Hildir at Einari. Höggr Arnhöfði í skjöld Hrana, en tók eigi á.
Arnhöfði turns then to him, but (and) Hildir to Einarr, Arnhöfði hews into (the) shield of Hrani, but (it, ie the sword, blow) did not touch (it) (ie made no contact).

Hrani hjó aftr ok klauf skjöld fyrir Arnhöfða. Í annat sinn hjó Arnhöfði, ok nam höggit þriðjung af skildi Hrana, en eigi særðist hann.
Hrani hewed back and cleaved (split) (the) shield) in-front-of Arnhöfði. Arnhöfði hewed for a second time, and the-blow took the-third-part (ie a third) from (the) shield of Hrani, but he was not wounded.

Hrani hjó ok í annat sinn. Kom þat högg á öxl víkingsins ok nam frá síðuna hægri með handleggnum, ok segir eigi framar af honum.
Hrani hewed also for a second time. That blow came onto (the) shoulder of the-viking and (it) took-off (ie removed flesh) from the right side (together) with the-arm, and (it, ie accounts) say(s) not more of him.

En sameign þeirra Einars ok Hildis gekk svo, at Hildir hjó í skjöld Einars ok klauf hann í fyrsta bragði.
But the fight of them, Einarr and Hildir went this, that Hildir hewed into (the) shield of Einarr and cleaved (split) it at (the) first strike.

Einarr hjó aftr til Hildis ok nam lítit af skildi hans.
Einarr hewed back at Hildir and took a small (piece) from his shield.

Berserkrinn hjó aftr til hans, en hann brást undan, snerti þó oddrinn lærit, svo nokkut særðist,
The-beserk hewed back at him, but he flung-himself away, the point-(of-the-sword) touched however the-thigh, so (he) was-wounded somewhat,

en sverðit gekk í völlinn á kaf, en Hildir laut eftir þessu jötunliga höggi.
but the-sword went into the-ground in a ‘dive’ (presumably stuck deep into the snow), but (and) Hildir bowed-down after this giant-like blow.

Á meðan hjó Einarr á háls honum, svo af tók höfuðit, ok er hann líka úr sögunni sem hinn.
Meanwhile Einarr hewed at his neck, thus took off the-head, and he is also out-of the-story (saga) like the-other (ie Arnhöfði).

En á meðan þessi víg gengu af, mættu eyjamenn fyrir hinum, ok tók brátt til at berast á þá.
But while this battle went off (ie was going on), (the) islanders met in-front-of the-others (ie the brothers’ crew) and started suddenly to attack (typo for berjast? Or berast vápn á, Z12, with vápn understood?) them.

Skaut þá Dal-Þórðr ok aðrir bogmenn margan skelmi til bana.
Then Dal (Bow)-Þórðr and (the) other bowmen shot many a rogue to (his) death.

En sem þeir Hrani ok Einarr höfðu fellt bræðr, urðu þeir stórhöggir ok mikilvirkir við þá eftir vóru, ok réttu þeir brátt hlut manna sinna. 
Bit (And) when they, Hrani and Einarr had felled (in battle) (the) brothers, they became dealing-heavy-blows (ie increased their strike rate) and were doing-great-deeds against those behind, and they put-right quickly (the) lot of their men (turned around the fate of their men in the battle).